New business filings rose a paltry 0.3% in the third quarter, the slowest annual gain in four years. But employers continue to hire and wages are on the rise, according to a from the Colorado Secretary of State and the University of Colorado Leeds School of Business.
“Colorado’s economy continues to lead the nation in wage growth and employment, though growth is showing signs of slowing,” Secretary Jena Griswold, said in the report.
Business formations are considered a leading indicator of future hiring. Griswold said the Colorado economy has enough momentum to keep growing this year and into 2020.
Wage gains are strong, with average weekly earnings up 4.6% in Colorado in September, much stronger than the 2.6% annual pace measured nationally.
U.S. economic growth, which was running at a 3.1% pace at the start of the year, has slowed to a 1.9% pace in the third quarter as trade tensions weigh on business confidence, which is falling, and sales abroad.
Colorado goods exports are down nearly 5% this year, compared to a 3.4% gain last year.
